Virage Brings Internet Video Products & Services to Korea Through Partnership with iViTech.com
Virage to Provide Technology and Expertise for iViTech.com's
Internet Video Facility in Seoul as Part of $1.5 Million Agreement
Virage Appoints Vice President of Asia Pacific Operations
SAN MATEO, California—August 7, 2000—Virage, Inc. [NASDAQ: VRGE], a leading provider of software products and application services that enable video for the Internet, today announced that it is teaming with iViTech.com, a wholly-owned subsidiary of Hung Chang Co., Ltd., to bring Internet video products and application services to the Korean market. In an agreement that will provide a minimum of $1.5 million to Virage over the next two years, Virage will license its technology to iViTech.com, and will supervise the establishment of a full-service Internet video applications services facility to be built by iViTech.com in Seoul, Korea. With this agreement iViTech.com, will become a certified provider of Virage software and application services to the Korean market, accelerating Virage's entry into the rapidly growing Asian market for Internet video.
Virage also announced the appointment of Joseph Hyrkin to the position of vice president of Asia Pacific operations. Mr. Hyrkin brings a strong background of experience in the rapidly evolving Internet market in Asia, having run sales operations in China for Sina.com and The Economist prior to joining Virage. The partnership with iViTech.com in Korea, along with the appointment of an executive focusing on the Asian market, are the first in a series of initiatives that Virage is taking to fulfill increasing demand for its Internet video products and application services in Asia.
Virage Application Services provide a comprehensive and cost-effective solution for building or growing any online video strategy. These services include the Virage SmartEncode™ process, editorial services and application hosting as well as advanced applications that use Virage-enabled video to generate e-commerce, build communities, or provide personalization and targeted advertising. Based on the powerful Virage Video Application Platform and Server, Virage Application Services are designed to get content owners immediately up and running with online video while providing a robust and scalable foundation for future Internet video uses. Leveraging our industry leading software and SmartEncode process, Virage Application Services can be used as the sole resource for enabling Internet-wide deployments of video, or as an intermediary step to building out a more comprehensive video distribution strategy.
"We are excited to expand the reach of Virage-enabled video into the Korean market," said Paul Lego, chairman and CEO of Virage. "Our partnership with iViTech.com builds on the success of our Internet video application services facilities in the UK and New York City and enables us to rapidly provide the Korean content owners with complete solutions for Internet video. iViTech's strong technical skills and local presence are a perfect complement to our award-winning technology and our expertise. Together, we are well-equipped to tackle the most demanding Internet video projects in Korea."
"We are very pleased that Virage has chosen to work with us to expand into the Korean market," said Kyung Namgung, president and CEO of iViTech.com. "We carefully reviewed and evaluated a variety of Internet video software products and services, and we found Virage to be the clear leader both in terms of technology and expertise. We are very excited to be working with Virage to establish a state-of-the-art facility serving the growing market for broadband media in Korea. Virage software and broadband video expertise will allow us to provide our customers with a world-class solution for Internet video."
About iViTech.com, Inc.
Headquartered in Seoul, Korea, iViTech.com was founded in March, 2000 with a complete professional staff to address the growing interactive video market in Korea. iViTech is a wholly-owned subsidiary of Hung Chang Co., Ltd. and a leading technology provider for interactive video products and services. IviTech's current scope of activity includes projects for major broadcasting stations, Internet broadcasting stations, Internet portal providers, e-commerce providers and various companies in Korea. Contact iViTech.com at http://www.ivitech.com/ or 82-2-515-9839.
About Virage
Headquartered in San Mateo, CA, Virage is a leading provider of software products and application services that enable owners of video content to publish, manage and distribute their video assets over the Internet or corporate intranets. Virage Application Services provide content owners with the complete infrastructure for seamlessly integrating Internet-compliant video into their web sites. Virage VideoLogger™ and Video Application Server™ software set the standard for real-time indexing, publishing and distribution of video across the Internet and corporate intranets. From ABCNews to Yahoo!, Virage has over 150 customers worldwide in a range of markets including media and entertainment, large enterprise, education, government and Internet destinations. Contact Virage at http://www.virage.com/ or (650) 573-3210.
This press release contains "forward looking" statements about the products and services of Virage and iViTech.com, as that term is used in Section 21E of the Securities Exchange Act of 1934. Phrases such as "will become,""will provide" and "will license" denote forward-looking statements. These types of statements address matters that are subject to risks and uncertainties which could cause actual results to differ materially. In addition, our forward-looking statements should be considered in the context of other risk factors discussed in our filings with the Securities and Exchange Commission, including our Registration Statement on Form S-1, as amended, available for viewing on our web site. (To access this, please click on "Investor Relations,""SEC Filings").
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